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Describing the effect of each transaction on assets

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Reference no: EM131603234

Write a minimum -word response to each of the following scenarios from Exercise E31 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder's equity (this means that your answer to each transaction must be in words):

  • Selected transactions for Thyme Advertising Company, Inc.
  • Issued common stock to investors in exchange for cash received from investors.
  • Paid monthly rent.
  • Received cash from customers when service was performed.
  • Billed customers for services performed.
  • Paid dividend to stockholders.
  • Incurred advertising expense on account.
  • Received cash from customers billed in (4).
  • Purchased additional equipment for cash.
  • Purchased equipment on account.

Reference no: EM131603234

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